£3.6m: Mitie CEO stock purchase

CEO Phil Bentley splashes out on 1.9m shares
Thursday 01 Dec 2016 Author: William Cain

New Mitie (MTO) chief executive Phil Bentley loaded up on £3.6m shares in the beleaguered outsourcer at 194p – and has already made a £200,000 paper profit on the deal.

Bentley replaces Ruby McGregor-Smith, who was in charge since March 2007, after a profit warning wiped 30% off the facilities management company’s share price earlier this year.

Investors are concerned about pressure from a higher minimum wage and delays on contract awards as customers mull economic uncertainty. Rival Interserve (IRV) is also struggling for similar reasons.

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